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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Bread Upon The Water who wrote (28790)1/6/2004 2:18:21 PM
From: Ed Ajootian  Read Replies (1) of 206228
 
Bill, REM -- They should be putting out an operations update by the end of the month.

I'm basing this on what they said in their 12/2 PR, viz.:

"Remington currently has five wells drilling that it believes, barring no severe mechanical or weather related delays, will reach total depth by or near year-end 2003. The company also has two offshore installations that are underway that are anticipated to be completed in this same time period.

......

James A. Watt, President and Chief Executive Officer stated, "These new discoveries should commence production in the near term. We will announce our production guidance for 2004 once the 2003 drilling program is complete. We will announce our year-end reserves in mid to late February once the complete reserve evaluation is finalized by independent reserve engineers.""

The implied order of announcements from the quote above (which fits with REM's historical pattern) is 1) '03 drilling results, 2) production guidance, and 3) year-end reserves. Not sure if MHR and/or WZR are in on any of these deep shelf wells but if they are then the chances of getting some news on these before the end of January increases significantly (they like to publish log results vs. REM which likes to post only production test results).

I usually don't like to cut it so close with options expirations (I typically like to sell them 30 days before they expire) but there's not any more options being offered for REM beyond February.
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